MRFR Assesses COVID 19 Impact on the Global Electric Vehicle Powertrain Market Size –2021-2027
The global Electric
Vehicle Powertrain Market Size is witnessing a considerable rise in its size.
The market growth attributes to the advent of electric vehicles and usages of
powertrain systems in EVs to increase electric mobility and reduce the costs of
operations. Besides, the increase in production and sales of electric cars and
stringent emission regulations, drive the growth of the market. Moreover,
increasing new energy vehicles (NEV) demand escalates the market demand to
furthered height.
According to an
eminent research firm, Market Research Future (MRFR), the global Electric Vehicle Powertrain Market Size is poised to reach USD 120 BN by 2025. In its
recent COVID 19 analysis on the EV powertrain market, MRFR also asserts that
the market would register 16 % CAGR throughout the anticipated period (2019 –
2025). Improving electric vehicle infrastructures in countries like China,
South Korea, Japan, the US, and Germany substantiates market growth.
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Increasing
production of EVs means a growing need for rehauling the entire ecosystem and
architecture of a vehicle and its surrounding environment. Besides, Carbon
emission increased exponentially across the world over the past decades, push
the market demand and hence, sales in the global EV powertrain market. Though
it would take some time to develop zero carbon emission vehicles, electric
vehicles are certainly one of the greener alternatives with fewer lifecycle
emissions.
Governments across
the world are fuelling the research projects to optimize components and test
& simulation toolkits for powertrains, which in turn drive the market
growth significantly. These researches to integrate ultra-high-speed motor
solutions attract substantial investments, bringing about the development of
innovative technologies next-generation mobility solutions. Conversely, high
prices of EVs are significant factors slowing the growth of the market.
Electric Vehicle Powertrain Market Siz - Segmentation
The report is
segmented into four dynamics;
By Component: Battery,
E-Motor, Power Electronics, Thermal Management Modules, and others.
By Propulsion : Battery Electric Vehicle (BEV), Hybrid Electric
Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV), and others.
By Vehicle Type : Passenger Car, Commercial Vehicle, and others.
By Regions : Asia Pacific, North America, Europe, and
Rest-of-the-World.
Electric Vehicle Powertrain Market Size - Regional Analysis
Asia Pacific dominates the global Electric
Vehicle Powertrain Market Size . The
market growth attributes to the massive increase in the production and sales of
e-vehicles in the region. Besides, the increased installation of powertrain
system and solutions in electric vehicles drive the market growth. Private and
public organizations' growing investments and the rise in demand for safety
features in vehicles foster the growth of the market.
Furthermore, increasing researches bring up
developments of electric vehicle powertrains, such as power inverters and power
modules, to boost the market growth. China holds a significant share in the
regional market, followed by India. India launched FAME I, FAME II, and various
tax concession schemes to promote electric vehicles. The APAC Electric Vehicle
Powertrain Market Size is projected to retain its dominance
throughout the assessment period.
North America stands second in the global Electric Vehicle
Powertrain Market Size . The market is driven by the growing demand
for electric vehicles with a low operating cost. Moreover, the increased
government backing and support for the development of the EV powertrain
industry push the regional market growth. Also, investments in research and
development, large potential consumer base in the US, and Canada create a huge
demand for environment-friendly vehicles, contributing to the EV powertrain
sales.
Europe, too holds a considerable share in the
global electric vehicle powertrain market. The market is driven by regulatory
laws such as the European Union (EU) implemented to minimize vehicle emissions.
Besides, and timelines for creating zero-emission zones in countries like the
UK and France increase the demand for electric vehicles to foster the growth of
the regional market. Furthermore, favorable incentives policies to buy electric
trucks propel the growth of the market in the region.
Electric Vehicle Powertrain Market Size -
Competitive Analysis
Highly competitive, the Electric Vehicle
Powertrain Market Size appears fragmented due to the presence of
several well-established players. These players incorporate strategies like
mergers & acquisition, collaboration, technology/product launch, and
expansion, to gain a larger competitive share.
With the industry, technologies, and EVs
changing faster than ever before, research projects to optimize components and
test & simulation toolkits for powertrains have become crucial.
Many researches to integrate ultra-high-speed
motor solutions has opened up substantial investment opportunities for the
market players. Industry players are investing substantially to develop
innovative technologies that can ease the challenges of next-generation
mobility solutions.
Major Players:
Players leading the global Electric Vehicle
Powertrain Market Size include EPT Co., Inc. (South Korea), ZF
Friedrichshafen AG (Germany), WEG (Brazil), IET S.p.A. (Italy), Bonfiglioli
Riduttori S.P.A (Italy), Automation Tooling Systems Inc. (Canada), NXP
Semiconductors (the Netherlands), GKN PLC (UK), Robert Bosch GmbH (Germany),
Continental AG (Germany), BorgWarner Inc. (US), AVL List GmbH (Austria), Magna
International Inc. (Canada), Mitsubishi Electric Corp (Japan), and Dana
Incorporated (US), among others.
Industry/ Innovation/ Related News
August 05, 2020 ----- MiddleGround Capital, a private equity firm,
announced the acquisition of majority ownership of Dura Automotive Systems.
With the addition of Dura's engineering capabilities, MiddleGround would help
develop next-generation products of superior quality.
Dura operates through its mechatronics,
lightweight structures, and exterior trim segments. It makes shift-by-wire
actuators, advanced driver-assistance systems (ADAS), and electric vehicle
(BEV) battery trays, mechatronic control systems, and others. It
supplies leading automotive OEMs and Tier one companies globally with more than
300 platforms across all light vehicles and powertrain types.
August 08, 2020 ----- Bentley Motors announced its project -
OCTOPUS that aims to deliver e-powertrain of the future transforming electric
vehicle powertrains with a fully integrated, free from rare-earth magnet e-axle
that supports electric vehicle architectures. OCTOPUS project is funded by the
British Department for Low Emission Vehicles and would be conducted in
collaboration with Innovate UK.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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